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24 Jan. 2019

Fatal-flaw review draft: Proposed Standard AASB 2019-X Amendments to Australian Accounting Standards – References to the Conceptual Framework

Consequential amendments to support the AASB issuing the Conceptual Framework for Financial Reporting are set out in the proposed Standard AASB 2019-XComments to the AASB on any fatal flaw with the consequential amendments are due by 22 March 2019.

At this stage, the application of the Conceptual Framework will be limited to:
(a)    for-profit private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards; and

(b)   other for-profit entities that voluntarily elect to apply the Conceptual Framework.

The amendments in AASB 2019-X would also retain the Framework for the Preparation and Presentation of Financial Statements and the reporting entity concept for other entities, at this stage.

The proposed Standard would apply to annual reporting periods beginning on or after 1 January 2020, alongside the Conceptual Framework.